Prosperity Financial Group Inc. Increases Stock Holdings in Eaton Co. plc (NYSE:ETN)

Prosperity Financial Group Inc. grew its stake in Eaton Co. plc (NYSE:ETN - Free Report) by 150.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,310 shares of the industrial products company's stock after buying an additional 1,990 shares during the period. Prosperity Financial Group Inc.'s holdings in Eaton were worth $1,097,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Legal & General Group Plc raised its position in shares of Eaton by 0.6% in the second quarter. Legal & General Group Plc now owns 3,206,251 shares of the industrial products company's stock valued at $1,005,317,000 after buying an additional 18,077 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. raised its holdings in Eaton by 2.9% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,422,189 shares of the industrial products company's stock valued at $471,370,000 after acquiring an additional 40,078 shares during the last quarter. Janus Henderson Group PLC lifted its stake in Eaton by 15.5% in the 1st quarter. Janus Henderson Group PLC now owns 1,318,025 shares of the industrial products company's stock worth $412,108,000 after purchasing an additional 176,571 shares in the last quarter. International Assets Investment Management LLC boosted its holdings in shares of Eaton by 27,075.5% during the 3rd quarter. International Assets Investment Management LLC now owns 1,073,976 shares of the industrial products company's stock worth $355,959,000 after purchasing an additional 1,070,024 shares during the last quarter. Finally, PNC Financial Services Group Inc. increased its holdings in shares of Eaton by 8.8% in the third quarter. PNC Financial Services Group Inc. now owns 923,033 shares of the industrial products company's stock valued at $305,930,000 after purchasing an additional 74,415 shares during the last quarter. 82.97% of the stock is currently owned by institutional investors and hedge funds.

Eaton Stock Performance

ETN traded down $2.40 during trading on Monday, hitting $375.01. The stock had a trading volume of 1,274,325 shares, compared to its average volume of 2,102,158. Eaton Co. plc has a twelve month low of $224.52 and a twelve month high of $378.95. The firm has a market capitalization of $148.20 billion, a P/E ratio of 39.79, a PEG ratio of 2.99 and a beta of 1.01. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.00 and a current ratio of 1.53. The company's 50-day moving average price is $342.75 and its 200 day moving average price is $322.91.

Eaton (NYSE:ETN - Get Free Report) last posted its quarterly earnings results on Thursday, October 31st. The industrial products company reported $2.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.80 by $0.04. The firm had revenue of $6.35 billion during the quarter, compared to analysts' expectations of $6.37 billion. Eaton had a net margin of 15.32% and a return on equity of 21.97%. The firm's revenue for the quarter was up 7.9% on a year-over-year basis. During the same period in the prior year, the company posted $2.47 earnings per share. On average, equities research analysts forecast that Eaton Co. plc will post 10.8 EPS for the current fiscal year.

Eaton Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Monday, November 4th were given a $0.94 dividend. This represents a $3.76 annualized dividend and a yield of 1.00%. The ex-dividend date of this dividend was Monday, November 4th. Eaton's payout ratio is 40.00%.

Insiders Place Their Bets

In other news, insider Michael Yelton sold 3,136 shares of Eaton stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $303.12, for a total transaction of $950,584.32. Following the completion of the sale, the insider now directly owns 3,914 shares in the company, valued at approximately $1,186,411.68. This trade represents a 44.48 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Dorothy C. Thompson acquired 2,205 shares of the company's stock in a transaction that occurred on Tuesday, September 3rd. The stock was purchased at an average cost of $300.30 per share, with a total value of $662,161.50. Following the completion of the purchase, the director now directly owns 2,205 shares in the company, valued at $662,161.50. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 68,705 shares of company stock worth $24,516,346. Corporate insiders own 0.33% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have commented on ETN. Royal Bank of Canada reaffirmed an "outperform" rating and set a $374.00 target price on shares of Eaton in a research note on Friday, November 1st. Mizuho upped their price target on Eaton from $365.00 to $385.00 and gave the company an "outperform" rating in a research note on Friday, November 1st. Morgan Stanley assumed coverage on Eaton in a report on Friday, September 6th. They set an "overweight" rating and a $370.00 price target for the company. Wolfe Research raised Eaton from an "underperform" rating to a "peer perform" rating in a research report on Friday, September 6th. Finally, Evercore ISI cut shares of Eaton from an "outperform" rating to an "inline" rating and lifted their price objective for the company from $333.00 to $389.00 in a report on Wednesday, November 13th. Four equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $357.83.

Eaton Profile

Eaton Corporation plc operates as a power management company worldwide. The company's Electrical Americas and Electrical Global segment provides electrical components, industrial components, power distribution and assemblies, residential products, single and three phase power quality and connectivity products, wiring devices, circuit protection products, utility power distribution products, power reliability equipment, and services, as well as hazardous duty electrical equipment, emergency lighting, fire detection, explosion-proof instrumentation, and structural support systems.